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10-06-21
Abu Dhabi sovereign fund ADQ proposes to merge 2 hospitality companies
(MENAFN)The Abu Dhabi sovereign fund ADQ proposed an offer to combine two hospitality companies and established a larger entity with total assets of USD5.4 billion.
The Abu Dhabi National Hotels company (ADNH) received the offer from ADQ to merge it with one of the fund’s units, the Abu Dhabi National Exhibitions Company (ADNEC).
ADQ was linked to several deals in latest months as the conglomerate enlarges its holdings as part of a broader push by Abu Dhabi to improve into non-oil sectors.
Upon completion of the planned deal, the group would have 28 owned and operated hotels, three exhibition centers in Abu Dhabi, Al Ain, and London, in addition to catering companies and food and beverage outlets.
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